General Motors has just announced its financial results for the first quarter of 2010 – and they’re looking good! Revenue for the quarter was $31.5 billion, operating income came in at $1.2 billion, and net profit was $865 million.
The sale of Saab had a favorable impact on the bottom line, spiking adjusted earnings before interest and tax (EBIT) to $1.7 billion.
Here’s the breakdown by region:
- GM North America had Q1 2010 EBIT of $1.2 billion, up from a loss of $3.4 billion in the fourth quarter 2009
- GM Europe had a Q1 2010 loss before interest and taxes of $0.5 billion; an improvement of $0.3 billion from the fourth quarter
- GM International Operations posted Q1 2010 EBIT of $1.2 billion, up $0.5 billion from the fourth quarter
Cash flow from operating activities was $1.7 billion and – after an adjustment for capital expenditures of $0.7 billion – free cash flow was $1.0 billion. The company ended the first quarter with $35.7 billion in cash and marketable securities, including funds in escrow.
The results make for a net income attributable to common stockholders of $0.9 billion, resulting in earnings per share on a diluted basis of $1.66.
The GM Authority (quick) Take:
These are the results of a healthy company, especially an automaker coming out of bankruptcy. Stay tuned throughout the day as we analyze these results!
In the meantime, check out GM’s press release after the jump!